Consolidated Financial Statements

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Statement of Comprehensive Income

Changes in comprehensive income for the period January 1 to December 31, 2022

€ million

 

Total

 

Income attributable to Volkswagen AG shareholders

 

Income attributable to Volkswagen AG hybrid capital investors

 

Income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

Earnings after tax

 

15,836

 

14,867

 

576

 

393

Pension plan remeasurements recognized in other comprehensive income

 

 

 

 

 

 

 

 

Pension plan remeasurements recognized in other comprehensive income, before tax

 

14,880

 

14,793

 

–

 

87

Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income

 

−4,572

 

−4,550

 

–

 

−22

Pension plan remeasurements recognized in other comprehensive income, net of tax

 

10,308

 

10,243

 

–

 

65

Fair Value valuation of equity instruments that will not be reclassified to profit or loss, net of tax

 

−440

 

−393

 

–

 

−47

Share of other comprehensive income of equity-accounted investments that will not be reclassified to profit or loss, net of tax

 

11

 

11

 

–

 

0

Items that will not be reclassified to profit or loss

 

9,879

 

9,860

 

–

 

19

Exchange differences on translating foreign operations

 

 

 

 

 

 

 

 

Gains/losses on currency translation recognized in other comprehensive income

 

100

 

256

 

–

 

−156

Transferred to profit or loss

 

59

 

59

 

–

 

–

Exchange differences on translating foreign operations, before tax

 

160

 

316

 

–

 

−156

Deferred taxes relating to exchange differences on translating foreign operations

 

5

 

5

 

–

 

–

Exchange differences on translating foreign operations, net of tax

 

164

 

321

 

–

 

−156

Hedging

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income (OCI I)

 

2,203

 

1,675

 

–

 

528

Transferred to profit or loss (OCI I)

 

1,094

 

1,045

 

–

 

48

Cash flow hedges (OCI I), before tax

 

3,297

 

2,720

 

–

 

577

Deferred taxes relating to cash flow hedges (OCI I)

 

−976

 

−800

 

–

 

−176

Cash flow hedges (OCI I), net of tax

 

2,321

 

1,920

 

–

 

401

Fair value changes recognized in other comprehensive income (OCI II)

 

−2,058

 

−2,002

 

–

 

−56

Transferred to profit or loss (OCI II)

 

753

 

730

 

–

 

22

Cash flow hedges (OCI II), before tax

 

−1,305

 

−1,272

 

–

 

−34

Deferred taxes relating to cash flow hedges (OCI II)

 

398

 

387

 

–

 

11

Cash flow hedges (OCI II), net of tax

 

−908

 

−885

 

–

 

−23

Fair value valuation of debt instruments that may be reclassified to profit or loss

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income

 

−430

 

−430

 

–

 

–

Transferred to profit or loss

 

0

 

0

 

–

 

–

Fair value valuation of debt instruments that may be reclassified to profit or loss, before tax

 

−430

 

−430

 

–

 

–

Deferred taxes relating to fair value valuation of debt instruments recognized in other comprehensive income

 

118

 

118

 

–

 

–

Fair value valuation of debt instruments that may be reclassified to profit or loss, net of tax

 

−312

 

−312

 

–

 

–

Share of other comprehensive income of equity-accounted investments that may be reclassified to profit or loss, net of tax

 

321

 

321

 

–

 

0

Items that may be reclassified to profit or loss

 

1,587

 

1,365

 

–

 

222

Other comprehensive income, before tax

 

16,494

 

16,066

 

–

 

428

Deferred taxes relating to other comprehensive income

 

−5,027

 

−4,840

 

–

 

−187

Other comprehensive income, net of tax

 

11,466

 

11,226

 

–

 

241

Total comprehensive income

 

27,302

 

26,092

 

576

 

634

Changes in comprehensive income for the period January 1 to December 31, 2021

€ million

 

Total

 

Income attributable to Volkswagen AG shareholders

 

Income attributable to Volkswagen AG hybrid capital investors

 

Income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

Earnings after tax

 

15,428

 

14,843

 

539

 

46

Pension plan remeasurements recognized in other comprehensive income

 

 

 

 

 

 

 

 

Pension plan remeasurements recognized in other comprehensive income, before tax

 

5,603

 

5,556

 

–

 

47

Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income

 

−1,423

 

−1,414

 

–

 

−9

Pension plan remeasurements recognized in other comprehensive income, net of tax

 

4,180

 

4,143

 

–

 

37

Fair Value valuation of equity instruments that will not be reclassified to profit or loss, net of tax

 

−52

 

−39

 

–

 

−13

Share of other comprehensive income of equity-accounted investments that will not be reclassified to profit or loss, net of tax

 

1

 

−2

 

–

 

3

Items that will not be reclassified to profit or loss

 

4,128

 

4,102

 

–

 

27

Exchange differences on translating foreign operations

 

 

 

 

 

 

 

 

Gains/losses on currency translation recognized in other comprehensive income

 

3,389

 

3,336

 

–

 

53

Transferred to profit or loss

 

0

 

0

 

–

 

–

Exchange differences on translating foreign operations, before tax

 

3,390

 

3,337

 

–

 

53

Deferred taxes relating to exchange differences on translating foreign operations

 

4

 

4

 

–

 

–

Exchange differences on translating foreign operations, net of tax

 

3,393

 

3,340

 

–

 

53

Hedging

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income (OCI I)

 

−2,711

 

−2,707

 

–

 

−5

Transferred to profit or loss (OCI I)

 

−70

 

−76

 

–

 

6

Cash flow hedges (OCI I), before tax

 

−2,782

 

−2,783

 

–

 

1

Deferred taxes relating to cash flow hedges (OCI I)

 

860

 

861

 

–

 

0

Cash flow hedges (OCI I), net of tax

 

−1,922

 

−1,922

 

–

 

0

Fair value changes recognized in other comprehensive income (OCI II)

 

−613

 

−612

 

–

 

−1

Transferred to profit or loss (OCI II)

 

1,114

 

1,114

 

–

 

0

Cash flow hedges (OCI II), before tax

 

502

 

503

 

–

 

−1

Deferred taxes relating to cash flow hedges (OCI II)

 

−161

 

−161

 

–

 

0

Cash flow hedges (OCI II), net of tax

 

341

 

342

 

–

 

−1

Fair value valuation of debt instruments that may be reclassified to profit or loss

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income

 

−61

 

−61

 

–

 

–

Transferred to profit or loss

 

0

 

0

 

–

 

–

Fair value valuation of debt instruments that may be reclassified to profit or loss, before tax

 

−61

 

−61

 

–

 

–

Deferred taxes relating to fair value valuation of debt instruments recognized in other comprehensive income

 

18

 

18

 

–

 

–

Fair value valuation of debt instruments that may be reclassified to profit or loss, net of tax

 

−43

 

−43

 

–

 

–

Share of other comprehensive income of equity-accounted investments that may be reclassified to profit or loss, net of tax

 

631

 

624

 

–

 

7

Items that may be reclassified to profit or loss

 

2,401

 

2,341

 

–

 

60

Other comprehensive income, before tax

 

7,231

 

7,134

 

–

 

96

Deferred taxes relating to other comprehensive income

 

−702

 

−692

 

–

 

−9

Other comprehensive income, net of tax

 

6,529

 

6,442

 

–

 

87

Total comprehensive income

 

21,958

 

21,285

 

539

 

133